Multiple directorships and dividends in Spanish listed firms

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-07-01 DOI:10.1016/j.bir.2024.04.002
Inmaculada Aguiar-Díaz, Nieves Lidia Díaz-Díaz, María Victoria Ruiz-Mallorquí
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Abstract

This study analyzes the impact of directors belonging to several boards (multiple directorships) on the dividend policy of firms. As the composition of a board has an impact on its effectiveness and the quality of corporate governance, this study focuses on the presence of multiple directorships. Theoretically, the literature presents two competing hypotheses regarding the impact of this type of directorship on firm performance—reputation and dedication hypotheses. Based on a sample of nonfinancial companies listed on the Spanish stock market from 2008 to 2019, the study finds that a greater presence of multiple directorships increases the propensity of firms to pay dividends, as well as the level of cash dividends, supporting the reputation hypothesis. In addition, we find that ownership concentration moderates the relationship between multiple directorships and dividends.

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西班牙上市公司的多个董事职位和红利
本研究分析了属于多个董事会的董事(多重董事)对公司股息政策的影响。由于董事会的组成对其有效性和公司治理质量有影响,本研究重点关注是否存在多个董事职位。从理论上讲,关于这类董事职位对公司业绩的影响,文献提出了两种相互竞争的假设--声誉假设和奉献假设。基于 2008 年至 2019 年在西班牙股票市场上市的非金融公司样本,研究发现,存在更多的多重董事职位会提高公司支付股息的倾向以及现金股息的水平,这支持了声誉假说。此外,我们还发现所有权集中度会调节多重董事职位与股息之间的关系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
期刊介绍: Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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